Occidental Petroleum (NYSE: OXY) reported core Q1 EPS of ($0.56), $0.16 worse than the analyst estimate of ($0.40). Revenue for the quarter came in at $2.28 billion versus the consensus estimate of $2.35 billion.

In announcing the results, President and Chief Executive Officer Vicki Hollub said, “We continued to focus on our cash flow priorities in the first quarter as the current low product price environment persists. We generated more than $820 million of operating cash flows before working capital, received $550 million from the Ecuador settlement and collected $285 million in asset sales proceeds. After paying our dividend and the current debt maturity of $700 million, we ended the first quarter with $3.2 billion in cash.

“Our Permian Resources operations continue to exceed production growth expectations, with the first quarter increasing by 30,000 BOE per day or over 30 percent from the first quarter of 2015 levels. We continued lowering our cost structure through improved operating and capital efficiencies. Permian Resources first quarter 2016 operating costs improved 10 percent from the fourth quarter of 2015 and 33 percent from the first quarter of 2015. Total oil and gas cash operating costs were lower by 23 percent compared to the first quarter of 2015.

“Total company first quarter capital spending declined by $500 million from the fourth quarter of 2015. The $700 million run rate is in line with our full year budget of roughly $3 billion, and we are increasing our total year production growth outlook for the year to 4 to 6 percent.”

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